Air Industries Q3 net loss narrows 69% to $404K, adj EBITDA turns positive to $845K

AIR INDUSTRIES GROUP

2024-Q3 EPS reported -$0.24 revenue$40,188,000

Q3 revenue $12.6M (+2.1% YoY), gross margin 15.5% vs 10.0%, op income $67K vs loss $796K.
Net loss narrowed to $404K from $1.3M (69% improvement); adj EBITDA $845K vs loss $53K.
Backlog $105M as of Sep 30, 2024, up 22% since Jan 2023; book-to-bill 1.40x TTM.
FY2024 outlook: at least $50M revenue target; adj EBITDA expected to significantly exceed 2023.
Total debt $24.98M, up 7.1% from Dec 31, 2023; company compliant with loan covenants.

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